It took just minutes for an inner-west terrace to sell for $600,000 above reserve on Saturday.
More than 150 people and 21 buyers turned out for the auction of the park-front Newtown home on the market for the first time in decades.
Bidding on the six-bedroom, three-bathroom deceased estate at 41 Georgina Street, left to the University of Sydney, was kicked off at $2.5 million by a couple from Surry Hills.
It reached the $2.55 million reserve on the second bid and climbed rapidly in $50,000 increments up to $3.1 million, as multiple parties battled for the keys.
The final two bids went up in $25,000 jumps, with the couple who kicked off the bidding, nabbing the 278-square-metre block for $3.15 million.
The delighted pair was swarmed by neighbours after the hammer fell, excited to hear what they plan to do with the “blank canvas” property which has been vacant for over a year.
“We’ve been looking [for a fixer-upper] since we sold in November last year,” said Euan McMillian. “We only went to the open home last week, so you could call it an impulse buy.”
Having transformed their former Surry Hills home, Mr McMillian and partner David Service are keen to do a sympathetic and “pretty pricey” renovation of the Victorian terrace and then move in.
The terrace was left to the university by Dr Gary Simes, a linguistic historian and bibliographer, who died in 2017. Selling agent Nick Moraitis of LJ Hooker Newtown said it last sold in 1977 for $55,000.
He noted the last time he had such a popular auction was years prior, on the same street. The tightly-held nature of the area meant good, strong results were still being delivered in a cooling market, he added.
The last terrace sold on the street — a four-bedroom, four-bathroom property on a 266-square-metre block — traded for $3.52 million at the peak of the market in mid-2017. It was fully renovated.
The terrace was one of 747 Sydney properties scheduled for auction on Saturday. While pre-Easter Super Saturdays became tradition during the boom, with more than 1000 properties heading under the hammer some years, experts said numbers were down due to the cooling market, a late Easter and looming federal election.
By evening, Domain Group had recorded a 64.6 per cent clearance rate from 401 reported results.
However there was still spirited bidding across the city, which was good news for another eastern suburbs renovating duo who sold a revived Victorian house for $2.03 million more than what they paid for it five years ago.
While the auction for 48 Arden Street, Clovelly, had to start with a vendor bid of $4 million, competition between three of the six registered bidders pushed the price $140,000 above reserve.
A crowd of 80 watched on as bidding on the 504-square-metre property climbed quickly in $50,000 and $25,000 increments to $4.4 million, before dropping to $10,000 and $5000 jumps.
The four-bedroom house sold for $4.44 million to an upgrading Coogee family. It last traded for $2.37 million and has been extensively renovated since.
Vendors Elisha and Andrew Toole were pleased with the result and are now on the hunt for their next renovation project, hopefully in Rose Bay.
“We wanted to sell first and see what we’ve got to spend,” Ms Toole said.
“Obviously the market is not as good as it was six months or a year ago … [but] we’re hoping to get a bargain on the other side.”
Selling agent Alexander Phillips of Phillips Pantzer Donnelley said it was a strong result and turn out, as properties in the area had been drawing an average of two registered bidders.
Earlier in Redfern, a local family snapped up a four-bedroom terrace at 100 Great Buckingham Street for $2.15 million, after the vendors agreed to sell for $50,000 below their initial reserve.
The auction opened at $1.7 million and three of the eight registered bidders made an offer before the tightly-held terrace sold through Mary Anne Cronin of Phillips Pantzer Donnelley.
On the lower north shore an investor beat five first-home buyers to secure the keys to a one-bedroom apartment at 10/18 Carr Street, Waverton, which sold for $728,000.
Bidding opened at $650,000 and five of the six registered bidders made offers, pushing the price $13,000 above reserve. The unit sold through Tom Scarpignato of Belle Property Neutral Bay. It last sold for $361,000 in 2000.
In the city’s south, a five-bedroom house at 36 Gold Street, Blakehurst, sold for $176,000 above reserve.
The 35-minute auction started with an offer of $1.71 million and four of six registered bidders threw their hats in the ring before the hammer fell at $2,176,000.
The house sold through Greg Tsaprazis ofLaing+Simmons St George to a young couple upsizing from a penthouse. The vendors, who lived in their home for 37 years, are downsizing.